The investment is likely to provide a boost to
SK announced on
Founded in 2008 by
TerraPower's Natrium SFR technology transfers the heat released from nuclear fission caused by high-speed neutrons to liquid sodium coolant, during which steam is generated and used to produce electricity. The Natrium SFR, a fourth-generation nuclear energy technology, offers significant improvements in safety and economic performance compared to the previous generation of reactors, which are currently in use. Natrium also employs molten salt energy storage, allowing the reactor to quickly change its power, thus making it ideal for operating with renewable generation sources. TerraPower is recognized as a leader in the advanced SMR sector with technologies to dramatically reduce nuclear waste and secure a high level of safety. In addition, TerraPower is building a demonstration reactor in
The transaction represents one of the largest-ever investments in a single company in the advanced nuclear power industry and will accelerate TerraPower's development of innovative technologies and ongoing projects.
SK's investment in TerraPower comes after a yearlong search for partners, since
Aside from SMR, TerraPower also has technologies to produce the medical radioisotope actinium-225 (Ac-225). Ac-225 is one of the most promising radionuclide raw materials that is being incorporated into investigational products by drug developers for targeted alpha therapy (TAT), which can kill targeted cancer cells while sparing normal cells. SK is set to identify a wide range of business opportunities in the bio pharmaceutical sector from drug discovery to contract manufacturing organization (CMO) by leveraging synergies with biotech firms that it has invested in.
'SK intends to amplify the synergies with TerraPower by bringing together TerraPower's innovative, next-generation nuclear technology and production capability for therapeutic radioisotopes with SK's diverse energy and biotech portfolios,' said an SK spokesperson. Along with its investments in TerraPower, SK plans to continue its business innovation and technology development to contribute to reducing global carbon emissions.
Moohwan Kim, Executive Vice President and Head of Green Investment Center at
'TerraPower is committed to solving some of the toughest challenges that face this generation through innovation,' said TerraPower President and CEO
Contact:
Tel: 408-455-6291
Email: kathleenbentley@sk.com
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